TOKYO - The global stock rally powered by investor optimism for a speedy economic recovery from the pandemic paused on Thursday on profit-taking and concerns over China-US tensions.
Singapore's Straits Times Index was down 0.2 per cent at 11:12am local time, reverersing earlier gains. The reopening of global economies has turned into a tailwind for stocks, along with unprecedented levels of stimulus across the world. Wednesday's advance was driven by financials, autos and durable goods manufacturers, indicating the rally is broadening out. Big tech shares lagged.
However, tensions continue to simmer with the US barring Chinese airlines in retaliation for Beijing ignoring the requests of American carriers to resume flights to China that had been suspended for the pandemic.
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